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ADVANCED MICROECONOMIC ANALYSIS Professor F. S. Lee
(ECON 5502) Office: Manheim 202D
Spring 2010 Office Hours: By appt.
Office tel. 816-235-2543
E-mail: leefs@umkc.edu
Lecture: Wednesday, 7.00-9.45, Royall Hall, Room 312
Required Texts: B. R. Binger and E. Hoffman, W. Nicholson and C. Snyder,
Microeconomic Theory with Calculus
W. Nicholson and C. Snyder, Microeconomic Theory: Basic
Principles and Extension, 10th edition
E. Silberberg and W. Suen, The Structure of Economics
A. Marshall, Principles of Economics, online version is found at
http://www.econlib.org/library/Marshall/marP.html
Optional Text: H. R. Varian, Microeconomic Analysis
G. A. Jehle and P. J. Reny, Advanced Microeconomic Theory,
nd
2 edition
T. Lawson, Reorienting Economics
Support Material: F. S. Lee, Microeconomic Analysis Lecture Notes
F. S. Lee, Neoclassical Microeconomics Lecture Notes (lecture
notes for the course; copies will be e-mailed to you)
F. Lee, Neoclassical Microeconomics: A Mathematical Approach
Made Simple
http://cas.umkc.edu/econ/economics/faculty/Lee/courses/502/Math.pdf
Assessment: Take home exam handed out on February 10, 2010 and returned on
February 17, 2010—worth 15% of your final grade
In-class Exam I covers parts I - III, neoclassical microeconomics (March
3, 2010)—worth 30% of your final grade
Take home exam handed out on April 7, 2008 and returned on April 14,
2010—worth 15% of your final grade
A set essay of 2,500 – 3,000 words, typed. It is due on April 28,
2010. It is worth 10% of your grade.
Final Exam covers parts IV - VI , heterodox microeconomics (May 5,
2010 from 8.00p.m. – 10.00p.m.)—worth 30% of your final grade
Problem Sets: Problem sets will be e-mailed to you.
Course Description: The course provides a critical survey of neoclassical
microeconomic theory, including methodology, demand theory,
production and costs theory, theory of competitive and non-
competitive markets, distribution, welfare, and general
equilibrium.
COURSE OUTLINE AND READING LIST
“Well, in our country, “ said Alice, still panting a little, “you’d generally
get somewhere else—if you ran very fast for a long time….” “A slow sort
of country!” said the Queen. “Now here, you see, it takes all the running
you can do to keep in the same place. If you want to get somewhere else,
you must run at least twice as fast as that!”
Through the Looking-Glass
I. Historical Background to Neoclassical Microeconomics
A. Brief Survey of Classical Political Economy
1. Lee, Neoclassical Microeconomics Lecture Notes, Introduction and Book
I, ch. 1.
2. Bharadwaj, K. 1989. Themes in Value and Distribution: Classical
Theory Reappraised. London: Unwin Hyman, chs. 3, 4, and 5.
3. Bharadwaj, K. 1986. Classical Political Economy and Rise to Dominance
of Supply and Demand Theories. Calcutta: Longman Orient.
4. Garegnani, P. 1984. “Value and Distribution in the Classical Economists
and Marx.” Oxford Economic Papers 36: 291 – 325.
5. Walsh, V. and Gram, H. 1980. Classical and Neoclassical Theories of
General Equilibrium: Historical Origins and Mathematical
Structure. New York: Oxford University Press, chs. 1-4.
6. Kurz, H. D. and Salvadori, N. (eds.) 1998. Understanding ‘Classical’
Economics: Studies in long-period theory.: London: Routledge, ch. 1.
7. Kurz and Salvadori, Theory of Production, chs. 1 and 2.
8. Eatwell, J. 1982. “Competition.” In Classical and Marxian Political
Economy, pp. 203 – 228. Edited by I. Bradley and M.
Howard. London: The Macmillan Press Ltd.
9. Roncaglia, A. 2005. The Wealth of Ideas: A History of Economic
Thought. Cambridge: Cambridge University Press, chs. 3, 4, 7, and 9.
10. Eatwell, J. 1974. “Controversies in the Theory of Surplus Value: Old
and New.” Science and Society 38.3 (Fall): 281 – 303.
B. The Rise to Dominance of Neoclassical Economics
1. Lee, Neoclassical Microeconomics Lecture Notes, Book I, chs. 2, 3
2. Bharadwaj, K. 1989. Themes in Value and Distribution: Classical
Theory Reappraised. London: Unwin Hyman, ch. 6.
3. Bharadwaj, K. 1986. Classical Political Economy and Rise to Dominance
of Supply and Demand Theories. Calcutta: Longman Orient.
4. Moore, G. 2003. “John Neville Keynes’s Solution to the English
Methodenstreit.” Journal of the History of Economic Thought 25.1
(March): 5 – 38.
5. Moore, G. 1995. “T. E. Cliffe Leslie and the English Methodenstreit.”
Journal of the History of Economic Thought 17.1 (Spring): 57 – 77.
6. Moore, G. 1996. “The Practical Economics of Walter Bagehot.” Journal
of the History of Economic Thought 18.2 (Fall): 229 – 249.
7. Roncaglia, A. 2005. The Wealth of Ideas: A History of Economic
Thought. Cambridge: Cambridge University Press, chs. 10 and 11.
8. Mirowski, P. 2004. The Effortless Economy of
Science? Durham: Duke
University Press, chs. 13-14.
9. Mirowski, P. 1989. More Heat Than Light. Cambridge: Cambridge
University Press.
10. Henry, J. 1995. "God and the Marginal Product: Religion and the
Development of J.B. Clark's Theory of Distribution." Research in the
History of Economic Thought and Methodology, 13: 75 – 101.
11. Henry, J. F. 2009. “The Illusion of the Epoch: Neoclassical Economics
as a Case Study.”
II. Neoclassical Methodology and Models
“In our country,” she remarked, “there’s only one day at a time.” The Red
Queen said “That’s a poor thin way of doing things. Now here, we mostly
have days and nights two or three at a time….”
Through the Looking-Glass
A. Marshall on Methodology
1. Lee, Neoclassical Microeconomics Lecture Notes, Book II, ch. 1.
th
2. Marshall, A. 1972. Principles of Economics. 8 Edition. London: The
Macmillan Press Ltd., Books I and II.
3. Raffaelli, T. 2003. Marshall’s Evolutionary Economics. London:
Routledge.
4. Roncaglia, A. 2005. The Wealth of Ideas: A History of Economic
Thought. Cambridge: Cambridge University Press, ch. 13.
B. Modern Methodology and Models
1. Lee, Neoclassical Microeconomics Lecture Notes, Book II, ch. 2.
2. Binger and Hoffman, Microeconomics with Calculus, chs. 1-4.
3. Nicholson and Snyder, Microeconomic Theory, ch. 1.
4. Silberberg and Suen, The Structure of Economics, chs. 1 – 6.
5. Gibbard, A. and Varian, H. R. 1978. “Economic Models.” The Journal
of Philosophy 75.11 (November): 664 – 677.
6. Robbins, L. 1932. An Essay on the Nature and Significance of Economic
Science. London: Macmillan and Co. Lionel Robbins's essay can be
downloaded from http://www.mises.org/books/robbinsessay2.pdf.
7. Friedman, M. 1953. “The Methodology of Positive Economics.” In
Essays in Positive Economics, pp. 3 – 43. Chicago: The University of
Chicago Press.
8. Kaldor, N. 1934. “A Classificatory Note on the Determinateness of
Equilibrium.” Review of Economic Studies 2: 122 – 136.
C. Criticisms
1. Keen, S. 2001. Debunking Economics. Pluto Press Australia, chs. 6, 7,
and 12.
2. Clower, R. W. 1994. “Economics as an Inductive Science.” Southern
Economic Journal 60.4 (April): 805 – 814.
3. Lawson, T. 1997. Economics and Reality. London: Routledge, part II.
4. Lawson, T. 2003. Reorienting Economics. London: Routledge, ch.1.
5. Matthaei, J. 1984. “Rethinking Scarcity: Neoclassicism,
NeoMalthusianism, and NeoMarxism.” Review of Radical Political
Economics 16.2/3 (Fall): 81 – 94.
6. Polanyi, K. 1968. “The Economy as Instituted Process.” In Primitive,
Archaic and Modern Economies: Essays of Karl Polanyi, pp. 139 –
174. Edited by G. Dalton. Garden City: Doubleday and Co.
7. Bigo, V. 2008. “Explaining Modern Economics (as a microcosm of
society),” Cambridge Journal of Economics 32.4: 527-554.
8. Lang, D. 2008. “Why Economists should Choose their Inheritance:
Physics and Path-independence in Economic Systems,” Review of
Political Economy 20.3: 405-420.
9. Setterfield, M. 1998. “History versus Equilibrium: Nicholas Kaldor on
Historical Time and Economic Theory.” Cambridge Journal of
Economics 22(5): 521 – 537.
10. Bresser-Pereira, L. C. 2009. “The Two Methods and the Hard Core of
Economics.” Journal of Post Keynesian Economics 31.3: 493 – 522.
11. Martin, A. 1957. “How Economic Theory May Mislead.” The British
Journal for the Philosophy of Science 8.31: 225-36.
III. Theory of Consumer Behavior and Demand
“Living backwards!” Alice repeated in great astonishment. “I
never heard of such a thing!” “__but there’s one great advantage
in it, that one’s memory works both ways.” “I’m sure mine only
works one way,” Alice remarked. “I can’t remember things before
they happen.” “It’s a poor sort of memory that only works
backwards,” the Queen remarked. “What sort of things do you
remember best?” Alice ventured to ask. “Oh, things that happened
the week after next,” the Queen replied in a careless tone.
Through the Looking-Glass
A. Marshallian Analysis of Demand
1. Lee, Neoclassical Microeconomics Lecture Notes, Book III, ch. 1.
2. Marshall, Principles of Economics, Book III.
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